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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Journey Grp | LSE:WMK | London | Ordinary Share | GB0009422097 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.13 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7472M Watermark Group PLC 25 June 2003 For immediate release 25 June 2003 CHIEF EXECUTIVE'S AGM STATEMENT At the Annual General Meeting of Watermark Group plc (''Watermark''), the provider of marketing support services to the international travel industry, to be held at 11.00am today, the Chief Executive, John Caulcutt, will comment: "Since the start of the year and particularly in the first quarter of 2003, the airline sector has experienced further turbulence with an unprecedented combination of economic gloom, war in Iraq, ongoing fears of terrorism, and the outbreak of SARS, all conspiring to deter passengers from travelling. Despite these difficult trading conditions we have continued to win new business and build for the future. With the SARS virus now contained, and the war in Iraq behind us, we are confident that broker's forecasts for the year to December 2003 can be met. We believe that in the longer term it is precisely these pressures on the airline industry that are accelerating the opportunity for this company to grow substantially by continuing to build an outsourcing business that can lower airlines operational costs through the provision of a total cabin management system for products and services "above the wing". As part of the process of change in an industry that is reinventing itself with efficiency gains we have achieved much in the first six months of this year towards putting in place the cornerstones of a business model that will allow us to not only embrace these changes but, more importantly, help to lead them. On the 27 March we announced the acquisition of M'n'H Recycling Limited a company specialising in cabin grooming and the recycling of onboard products. Today we have agreed heads of terms for the purchase of Media on the Move, a company distributing newspapers and magazines to the travel sector and an announcement will be made as required. Also in this period we have formed joint ventures with companies operating in the field of cabin crew training and in worldwide logistics and supply chain management. Further developments of our total cabin management programme are in the pipeline and will be announced in due course. On the 21 May we announced heads of terms with Aerobox plc - a company quoted on the Alternative Investment Market. This joint venture will allow Watermark the opportunity to market and supply worldwide lightweight and durable airfreight containers produced by Aerobox. Watermark will receive a sales commission and a marketing fee and have the right to exchange (after a period of 12 months) its interest in the joint venture at no further consideration, in return for new shares in Aerobox representing 10% of Aerobox's enlarged capital. Watermark may also be entitled to an additional 2.5% of Aerobox (again at no further consideration) depending on the company meeting performance targets. It is intended that this project will further expand the range of services which Watermark can provide to the airline industry. Aerobox has developed an exciting new technology with significant potential cost reduction benefits for customers, with which we are pleased to be associated. We remain extremely positive about the long term opportunities to grow our business in an industry where passenger numbers are now returning and where our vision for the future has been well received." For further information please contact: John Caulcutt, Chief Executive Rosie Brown Crispin Quail, Finance Director John West Watermark Group plc Tavistock Communications Tel: 01489 897 800 Tel: 020 7600 2288 e-mail: info@watermarkplc.co.uk e-mail: rbrown@tavisock.co.uk This information is provided by RNS The company news service from the London Stock Exchange END AGMNKPKNKBKDDAB
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